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Surfers Paradise in Queensland has solidified its position as the leading destination for high-rise apartment sales in the state, according to the latest market update from InfoTrack. The report reveals a significant 62% increase in unit sales in Surfers Paradise from April to May, despite the rising prices. Surfers Paradise continues to outperform other locations, including West End in Brisbane, in terms of the number of units sold, indicating its enduring popularity among buyers. Surfers Paradise in Queensland continues to experience a surge in popularity, with a seven percent increase in total unit sales in the area, according to InfoTrack's latest market update. Despite rising prices, Surfers Paradise remains a sought-after destination, claiming 25 percent of Queensland's share of unit sales. Other top-selling locations in the state include West End, Brisbane City, Broadbeach, Southport, and Varsity Lakes. The upcoming 2032 Olympic Games in Brisbane have also attracted investors to the city, posing competition to the Gold Coast. The data indicates a seven percent increase in unit sales priced between $500,000 and $1 million, accounting for the majority of sales in Surfers Paradise, while sales under $500,000 experienced a nine percent drop. Apartments priced between $1 million and $1.5 million saw a five percent uplift. Palm Beach, South Brisbane, Fortitude Valley, and Coorparoo also made it onto the list of top-selling locations. Although the exact number of units sold was not provided by InfoTrack, property records reveal that 290 apartments changed hands in Surfers Paradise during the second quarter of 2023. Notably, the highest-priced unit sold during the quarter was a beachfront penthouse in the Madison Point building, which sold for $4.9 million in May. According to PropTrack's Market Trends report, the median weekly household income is $1,861, equivalent to approximately $96,720 per year. However, rising interest rates have made property ownership increasingly unattainable. As interest rates continue to rise, the entry point to the property ladder becomes higher, making it challenging for aspiring homeowners.
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